dcsimg

Stimulus package has tax breaks for parents of college students

on Tuesday,April 14,2009 21:04

American+Recovery+and+Reinvestment+Act+logo+-+CCU_2144_19120692_0_0_7029043_300.jpg

As the tax filing deadline approaches, one expert has offered advice on how parents who help finance their children''s education can claim a new tax credit provided for in the stimulus package.

Writing for Forbes.com, Troy Onink, a college funding consultant, singles out the American Opportunity Education Tax which, unlike earlier tax credits, can also benefit middle-income families.

Onink stresses the new tax credit, which is an expansion of the Hope credit, does not replace the existing $2,000 Lifetime Learning tax credit or the $4,000 above-the-line deduction for tuition and fees.

However, families can only claim one of these breaks per student, and -Onink suggests - most will benefit from opting for the expanded Hope.

That is because the new credit reduces the federal tax bill up to $2,500 whereas a $4,000 deduction, which reduces taxable income, can save families at most $1,400 in federal tax.

Finally, the tax benefit is available to students at nearly all accredited public, nonprofit and private higher education institutions provided they are enrolled at least part-time.

Passed on February 13, the economic stimulus package also includes enhancements to Section 529 college savings and raises the minimum level of the Pell grant from $4,731 to $5,350 starting July 1 and to $5,550 in 2010-11.
ADNFCR-2144-ID-19120692-ADNFCR
Refine School Matches
Hide filters
  • SUBJECT Clear All

    See More

  • DEGREE

    See More

  • PROGRAM TYPE

  • START TIME

    LOCATION
    Please enter valid US or Canada Zip.
            Results open in new window

            Searching Searching ...

            Matching School Ads
            Graphic Design (AS)
            • Alumni have appeared in reality competition shows such as Top Chef and Project Runway.
            • Has a team of about 4,000 faculty members focused on helping students tap opportunities in a marketplace driven by ideas.
            • Offers programs in design, media arts, fashion, and culinary.
            • Provides program coordinators who work with students to ensure they have the learning materials, assignments, facilities, and faculty to get the most out of the program.
            • Over 50 campus locations nationwide.
            Show more [+]
            • Flexible Scheduling
            • Financial Aid
            Graphic Design, Bachelor of Science (Online)
            • Full Sail University offers online degree programs that are designed for the world of entertainment, media, arts, and technology. Full Sail's approach is centered on real-world industry experience and creative problem solving.
            • Full Sail uses the experience and knowledge gained from more than three decades of educational innovation to create an unparalleled online education experience that challenges and inspires our students.
            • Learning at Full Sail has always centered around interaction and the exchange of ideas, and our online curriculum fully embraces this philosophy with the aim of being the most people-focused education experience on the web.
            • Through Full Sail’s multitude of online program offerings, students get: One-click access to instructors, Powerful collaborative tools, Interactive learning environments and Innovative curriculum.
            • Full Sail's newest program is the Dan Patrick School of Sportscasting. Developed in collaboration with sportscasting veteran Dan Patrick, the goal is to provide students with real world experience both behind and in fornt of the camera.
            Show more [+]
            • Online Courses
            Graphic Arts (AAS)

            The Secret to Getting Ahead is Getting Started

             

            Congratulations! Your interest in California College San Diego is an important first step toward changing your life. A career-focused degree is the key to a new career with a potentially higher income, better benefits, and more satisfaction.

            Master of Fine Arts: Graphic Design
            • Liberty University’s online programs ranked in the top 10 out of more than 2,100 colleges & universities for academic quality, affordability, and accessibility.*
            • 100% online programs at associate, bachelor’s, master’s, and doctoral level.**
            • Transfer up to 90 credits into an undergraduate degree program.
            • Up to 50% of your master’s degree can be transferred in to help you get the most out of your hard work and maximize the credit you previously earned.
            Show more [+]
            • Accredited
            • Online Courses
            • Financial Aid
            • Transferable Credits

            Latest Articles & News

            Kanye West to perform during Paris Fashion Week
            It is no secret to many that music artist Kanye West is no stranger to fashion, and now he will be showing his new collection during Paris Fashion Week later this week, according to the Elle Magazine.

            Second designer chosen for home decor competition
            Teenlike.com, an ongoing online competition for young home decor designers, announced its second winner. Brandon Dover of Apply Valley, California, was this year's winner, as he created an abstract pen and inkwork design for a bedspread.